Equine Veterinary Medicine: The Next Generation Purina Veterinary Conference October 9, 2010 Mike Pownall, DVM McKee-Pownall Equine Services www.mpequine.com www.equinevetbusiness.com
May 16, 2015
Equine Veterinary Medicine:
The Next GenerationPurina Veterinary Conference
October 9, 2010
Mike Pownall, DVMMcKee-Pownall Equine Services
www.mpequine.comwww.equinevetbusiness.com
Why Me?
• 5 clinics in greater Toronto area• 11 vets
All hired within last 4 years
• 20 support staff
Why Me?
Why Me?
• [email protected]• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall
Today
1.The Big Picture2.Practices of the future3.Where do you fit in?
The Big Picture
• New generation of grad• Student debt• Older practice owners• Celebrity vets• Economy• Declining horse
population• Competition
• It’s a struggle for all!
QuickTime™ and a decompressor
are needed to see this picture.
You
• Lifestyle is important-Work is not your entire life
• Changing demographics
• Higher debt levels• Family• Older generation has a
different mindset• Uncertain future
QuickTime™ and a decompressor
are needed to see this picture.
• Female Dominated Profession within 10 years
• Female equine vets work 20% fewer hours.
• Female equine vets are on average 6 years younger.
• No gender differences with respect to diseases and injuries, sick leave, and occupational disabilities.
• Female equine vets are more often employees than employers.
• 50% of the female vets who gave birth, left practice for some months and returned to work on same level.
• Female equine vets had to take care of management and work changes related to pregnancy by themselves.
Loomans et al 2008
Changing Demographics
US Demographics
Equine 3699 6.1% 54.5% 45.5%
Companion animal exclusive
41117 67.5% 44.7% 55.3% 55.3%
Changing Demographics
KNMvD 2009
Student Debt
Student Debt-the Reality
Debt
Starting salaries
AVMA
106%
56%
North America
USA Student Debt - the Reality
• Average debt-2009 graduate-US Average debt-2009 graduate-US veterinary collegeveterinary college
• $129,976 (median debt = $125,000) $129,976 (median debt = $125,000) • 89% of those graduating had student debt89% of those graduating had student debt• 90% of the debt was incurred while in 90% of the debt was incurred while in
veterinary schoolveterinary school
• 32% of the 2009 graduates have debt in 32% of the 2009 graduates have debt in excess of $150,000excess of $150,000
• 11% have debt in excess of $200,00011% have debt in excess of $200,000
• Some in excess of $250,000Some in excess of $250,000 JAVMA 9/1/09JAVMA 9/1/09
USA Student Economic Realities
Salary
Year Debt Practice Debt/Salary
1983 $18,897 $19,872 95.10%
1995 $45,251 $31,925 141.70%
2008 $119,658 $61,518 194.50%
Student Debt to Salary Ratios over Time
Comparisons - Professionals
BLS 5/08
USA Debt vs Earnings Problem?
• Cost of veterinary education has risen
dramatically -about 31% over four years (CPI
increase over same period ~ 16%)
• School funding down dramatically
• Increase in tuition exacerbated by the recent
increase in interest charged on government and
private student loans
Private Clinical Practice % Mean 1st Year $
Large animal exclusive 2.5 62,424
Large animal predominant 2.7 57,745
Mixed animal 9.3 58,522
Small animal predominant 7.6 61,753
Small animal exclusive 31.5 64,744
Equine 3.3 41,636
USA Veterinarian Starting Salaries 2008
Vet Practice Owners
• Don’t understand younger generations
• Likely can’t afford to retire soon
• Afraid of change• Need help
QuickTime™ and a decompressor
are needed to see this picture.
Celebrity Vets
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are needed to see this picture.
The Economy
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are needed to see this picture.
The Horse Industry
• Declining # & value of race horses
• Shrinking & aging ownership
• Competition for dollars
• New client demands?
QuickTime™ and a decompressor
are needed to see this picture.
Equine Vet Practice
• Referral practices hit hard
• Commodity driven• Competition• Expensive digital
equipment• Lack of business
knowledge • Old business model is
broken• There are
opportunities!!
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are needed to see this picture.
Equine Vet Practice
AAEP Job Bank
572 Resumes
18 Jobs
Where are we going?
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The Practice of the Future?
• Increased competition• Sport and pleasure horse• New business models
Bigger group practices Less infrastructure Shares vs ownership?
• New specialties More boarded vets in
private practice• More collaboration• Embracing technology• Increased client education
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are needed to see this picture.
What’s a new grad to do?
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are needed to see this picture.
What is a new grad to do?
• Internships• Client-driven
business• Technology• Social media• New skill sets• Other countries• Re-imagine
opportunities
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are needed to see this picture.
Internships
• Essential New skills Add value to new
employer It is only one year! Lifelong mentorship?
• Pick the right one Don’t get burnt out Need the reference A solid medical
foundation is priceless Progressive medicine
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are needed to see this picture.
The Key to Success!
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This is a People Business!!
Our job is to make people have confidence in the decisions we make.
This is a People Business
• Patient Outcomes
• Client Outcomes
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are needed to see this picture.
This is a People Business
• Need to like people If not, learn to fake it
convincingly
• Don’t talk about yourself Horse people want to
talk about themselves and their horses.
• Remember your clients
• Ask questions
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are needed to see this picture.
Technology
• You know it• Practice owners don’t,
and are afraid of it• Ability to troubleshoot
and “tinker”• Cloud based software• iPads
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are needed to see this picture.
Social Media
• Opens up communication opportunities• You live it
QuickTime™ and a decompressor
are needed to see this picture.
QuickTime™ and a decompressor
are needed to see this picture.
QuickTime™ and a decompressor
are needed to see this picture.
New Skill Sets
• Basic Skills are not enough. There are enough sport horse,
surgery, internal medicine & therio vets already
• Acupuncture/Chiropractic• Nutrition counseling• Podiatry• Dentistry• Geriatric• Ophthalmology• Business• Client Communication
What Makes You Different?
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What Does a Vet Practice Need?
• Stop losing market share
• Maximize facility/equipment use
• Potential buy-in for practice
• Don’t want aggravation
• Flexibility• Help to keep up with
technology & social media
How You Can Add Value
• Personality• Excellent
communicator• Horse handling skills• Flex hours• Strong “emotional
intelligence”• Selling is not a dirty
word• Potential buyer
How You Can Add Value
• Unique skills• Business Acumen
Marketing Client education Staff training
• Social media Create/maintain
Facebook or Twitter account
Create content videos
Other Countries
• Canada• NZ• Australia• China• Russia
QuickTime™ and a decompressor
are needed to see this picture.
Or
Entrepreneurs
Pros• Low startup costs• Practice your own way.Cons• Poor lifestyle• Success not
guaranteed• Minimal mentoringAdvice• Be collaborative• Make friends• Don’t cut prices!!
In Conclusion
• “Same old” won’t work any more Economy Debt Demographics
• People Business• Unique skills needed• Value added required• Self Employment
Don’t Be a Stranger
• [email protected]• www.mpequine.com• Facebook/McKee-Pownall• Twitter - McKeePownall• www.equinevetbusiness• Facebook/equinevetbusiness• Skype - mpownall
Questions?